ITAT restricts disallowance u/s 14A to 1% of exempt income considering identical ruling of earlier year

INCOME TAX: Where Assessing Officer on an ad-hoc basis disallowed 5 per cent of exempt dividend income earned towards expenditure attributable to earning such income, since while deciding identical issue in assessee's own case for an earlier assessment year, Tribunal had restricted such disallowance to 1 percent of exempt income earned during year, following consistent view of Tribunal on disputed issue, disallowance under section 14A was to be restricted to 1 percent of exempt income earned dur

from www.taxmann.com Latest Case Laws https://ift.tt/307Qleg